Morning Report

eurgbp25_04_2012

The pair rebounded to the upside after reaching the support of the descending channel shown above, where the pair will likely provide a slight incline to retest the level of 0.8220, supported by the positivity of momentum indicators, before resuming the intraday downside movement, which depends mainly on the continued trading within the mentioned descending channel in addition to the recent breach of 0.8290. A breach of 0.8220 might trigger a retest of the resistance of the descending channel at 0.8290.

The trading range for today is among the major support at 0.8000 and the major resistance at 0.8220.

The short-term trend is to the upside as far as 0.7785 remains intact, targeting 1.0370.

Previous Report

Weekly Report

Support0.81700.81400.81000.80750.8000
Resistance0.82200.82900.83250.83650.8395
RecommendationBased on the chart and explanations above, our opinion is selling the pair around 0.8220, targeting 0.8100 and then 0.8000 and stop loss with 4-hour closing above 0.8290 might be appropriate